Tullow Oil (TLW)

[dspp]

Morning Team,
At the moment we are treading water. Things (hopefully) will become somewhat clearer on Wednesday next week.
T are in a tricky position, as it should really be up to the, as yet unselected, inbound CEO to review strategy and come up with a new business plan.
Given that not expecting too much next week. No nasties would be good start.
TLW up as I write
Have a good day.

Yes, and a new exploration director.

regards, dspp

[xxnjr]

Peru Well Z38 block: 'Stena Forth' drill ship now off Callao port Peru. Was supposed to await clearance here then off to drill site couple days North. It still under way.

Quite a handy quote tool on TLF (assuming I've done it correctly). Good to see you here BillyBuffin. On current heading SF would seem to be steaming, but awaiting clearance.

[xxnjr]

Morning Team,
At the moment we are treading water. Things (hopefully) will become somewhat clearer on Wednesday next week.
T are in a tricky position, as it should really be up to the, as yet unselected, inbound CEO to review strategy and come up with a new business plan.
Given that not expecting too much next week. No nasties would be good start.
TLW up as I write
Have a good day.

Yes, and a new exploration director.

regards, dspp

Assuming there is any cash for exploration. Really need to fix Ghana production issues as a priority.

[dspp]

Peru Well Z38 block: 'Stena Forth' drill ship now off Callao port Peru. Was supposed to await clearance here then off to drill site couple days North. It still under way.

Quite a handy quote tool on TLF (assuming I've done it correctly). Good to see you here BillyBuffin. On current heading SF would seem to be steaming, but awaiting clearance.

xxnjr,

You have indeed done it right.

An advantage of TLF is that one can also insert tables in various formats, and images.

For tables see
TLF / ManagingYourFinances / Financial Software, then look for:
http://lemonfoolfinancialsoftware.weebly.com/ then specifically :
http://lemonfoolfinancialsoftware.weebl ... ormat.html then you get three ways of doing it.

For images use the IMG button in the quote/text editor and drop me a personal message if unsure. I use imgur for posting images myself if I find the need to do so.

regards, dspp

[dspp]

T are in a tricky position, as it should really be up to the, as yet unselected, inbound CEO to review strategy and come up with a new business plan.

Yes, and a new exploration director.

regards, dspp

Assuming there is any cash for exploration. Really need to fix Ghana production issues as a priority.

Agree. But I think there is a link between the last one and the current issues. Hence departure. I also suspect the last one had a personal interest in Peru as a potential area, hence Peru (and I'm not saying he was wrong on that).

regards, dspp

[xxnjr]

Meanwhile on another front. Big news from Suriname. Apache are very definitely on to a winner there now
hTTp://investor.apachecorp.com/news-rel ... ficant-oil

Probably good news for TLW's Block 47 which straddles similar water depths to Apache's B58 (from memory).

[subsurface]

Things not going too well for the old Tullow Team.
T5 Oil & Gas, an Africa-focused explorer founded by a group of Tullow Oil veterans, has warned there is a “material uncertainty” over its ability to stay in business for the next year if it fails to raise money to complete a key deal in Gabon after aborting a $45 million (€40.2 million) initial public offering (IPO) in 2018.
At present, valuations of quoted oil shares are extremely depressed relative to other sectors for a variety of reasons, including ongoing nervousness about the level of oil prices and the impact of climate change policies on investor sentiment,” said Mr Plunkett,
T5’s management team, including exploration director Gerard Sheehan and chief operating officer Philip Crookall, were paid only 50 per cent of their salary during 2018, with the remainder being accrued. Mr Plunkett’s $134,000 salary was accrued but not paid.
Its from the Irish times Not able to post the full link.

[xxnjr]

Also Block 62 similar WD to B58. Albeit round the corner.
hTTps://www.staatsolie.com/en/news/tull ... -suriname/

TLW's B54 is further up the slope and has been unsuccessful so far. 0 from 2.

[xxnjr]

Peru Well Z38 block: 'Stena Forth' drill ship now off Callao port Peru. Was supposed to await clearance here then off to drill site couple days North. It still under way.

Quite a handy quote tool on TLF (assuming I've done it correctly). Good to see you here BillyBuffin. On current heading SF would seem to be steaming, but awaiting clearance.

xxnjr,

You have indeed done it right.

An advantage of TLF is that one can also insert tables in various formats, and images.

For tables see
TLF / ManagingYourFinances / Financial Software, then look for:
http://lemonfoolfinancialsoftware.weebly.com/ then specifically :
http://lemonfoolfinancialsoftware.weebl ... ormat.html then you get three ways of doing it.

For images use the IMG button in the quote/text editor and drop me a personal message if unsure. I use imgur for posting images myself if I find the need to do so.

regards, dspp

Thank you for the heads up dspp. Always appreciated your amazingly insightful posts on Hurricane Energy.

[xxnjr]

Meanwhile on another front. Big news from Suriname. Apache are very definitely on to a winner there now.
hTTp://investor.apachecorp.com/news-rel ... ficant-oil

Probably good news for TLW's Block 47 which straddles similar water depths to Apache's B58 (from memory).

Revised TD after Apache made rig mods was 6,900m, but have come up short at c.6,300m due to over-pressured reservoir. Same thing happened with Repsol/TLW's HPHT Jaguar-1 well a number of years back on the then named Georgetown block in Guyana..

[subsurface]

Very good news in Suriname Do you think this helps to de risk our blocks? It will be interesting to see what they find in Canji (Guyana) and block 42 Suriname (Kosmos) I keep my copy of the wood mackenizine map you once posted xx if you remember the best document I have.

[xxnjr]

Hi SS,

I seem to be having a late night!

Kosmos are 0 from 2, having drilled 1 well each on B42 and B45. Their next well is supposed to be a carbonate reef prospect called Walker. It's an analogue of Ranger. XOM carried out extensive testing on Ranger-2 recently, DST, Coring etc etc.... but strangely have kept quiet.

Suriname seems trickier than Guyana. So far, at least. Apache's find is probably in same "system" as Exxon's finds, so not really a play opener, just extends the play fairway 6 or 10kms further to the east. What is good is that 2 of TLW's Suriname blocks are in similar water depths to Stabroek/BLK 58 Suriname. Down the slope. Beyond 1000m WD seems the best place to be. Whether the discovery fairway goes around the bay/corner as far as TLW's blocks remains to be seen. Drilling for oil is a cruel world. Congrats to Apache though, and another deft move by Total's Patrick Pouyanné.

[subsurface]

Karoon Energy have released an Update 9th January.Expect to start Drilling last week of January.

Peru Drilling Update No 2: Stena Forth Drillship arrives in Port of Callao Lima Peru
Karoon Energy Ltd (“Karoon”) is pleased to announce the Stena Forth Drillship has arrived in the Port
of Callao Lima Peru ahead of drilling the Marina-1 exploration well located in Block Z-38 Tumbes Basin,
Peru. Karoon is the operator and has a 40% net interest in Block Z-38.
The Stena Forth will remain at the Port of Callao for one to two weeks to refuel and change the crew
before continuing on to the Marina-1 well location. Karoon expects the vessel to clear customs and final
permits to be received over the coming weeks. The well is expected to spud during the last week of
January 2020.
The Marina prospect has a gross prospective resource best estimate of 256 million barrels of oil (net to
Karoon 102 million barrels) as previously announced in the “Resources Update” dated 8
th May 2018.*
you can see full document on the Karoon website. good to see how they keep investors informed.
Thanks for your posts gents ,sorry they wont let me post the links.

[subsurface]

re PERU :

Drilling is expected to take 4 to 6 weeks.
Block Z-38 lies to the northwest of the large, producing onshore fields of the Talara Basin. These fields have been producing oil for over 100 years and have produced over 1.7 billion barrels to date.
Lots of information on the website site under projects and also presentations
ss

Moderator Message:
Edited to keep company name and ticker as the thread & post title. That helps us in the O&G&E board. If we do not do this we risk getting all the company-specific threads in this sector moved to a different board area which would be a shame.

If you want a separate thread for Karoon (KAR) then please start one or ask me to. I am assuming for the moment - please correct me if I am wrong - that this offshore well is a TLW KAR JV.

edit: P.S. You will get link posting rights after you have done a few posts.

regards, dspp

[xxnjr]

Thanks for posting that SS. Hope this link works. Correct DSPP. It's a JV Karoon/TLW.

hTTps://www.karoonenergy.com.au/wp-cont ... vFINAL.pdf

[subsurface]

Welcome xx
There is a report about Blocks 1 and 2 on DRC and possible discussions again with Tullow. Total and Eni It looks like DRC want to take back the blocks yet again and re sell them.
If you remember the old Tullow presentation that showed a large prospect in the middle of Lake Albert Nagassa part of the border passing through the lake shared between Uganda and DRC deemed expensive to dril with security issues..

The blocks had previously been awarded to Tullow in a 2006 deal in which the company paid a $500,000 signing bonus, and South Africa’s Divine Inspiration Group also claims rights to Block 1 after a 2008 deal in which it paid $2.5 million.
Democratic Republic of Congo later stripped British energy firm Tullow of its rights to two oil blocks
So quite a chequred Hisory Risky! but very good for the Uganda pipeline project to get the oil to market.

[xxnjr]

Yes I remember N'gassa. T had to bring in a heavier land rig to drill it from the shore. First failed to reach target. And second just managed to tickle the top. Think it was a discovery, but after that they went after the far easier shallow targets onshore in the NE. The DRC side has more challenging access issues due to mountains running into lake. Doubt if TLW will be interested, but whoever ends up with Uganda might well be, for the reason you gave. Adding value to the overall project.

[subsurface]

Looks like its all going to Plan in Uganda
Oil money already exhausted - minister Bahati

In the previous two years you have been allocating money from the Petroleum Fund and in this year you have zero. There is no allocation at all, we want an explanation," said Musasizi.

In response, Bahati noted that there is no money in the Petroleum Fund and therefore government cannot appropriate what it does not have.

"There is no money in the Petroleum Fund…We appropriated what was there last year so we cannot get what is not there. We’ve got to expand our revenue base." Bahati said.
Minds must now be focused on The FID? Tullow and partners have played it well. and Elections in 2021,

[subsurface]

United Oil & Gas PLC report

Amendment to Production Sharing Agreement on the Walton Morant Basin, Jamaica
licence. extension 6 months to the Initial Exploration Period, the Joint Venture now has until the 31st July 2020 before the drill-or-drop decision is required.

A Joint Venture farm-down effort being led by Tullow (operator and 80% equity holder) is in progress, with the aim of bringing in an additional partner(s) for exploration drilling in 2021 on the Colibri prospect. A number of interested parties are continuing their evaluations of the licence data, and the extension was granted to provide sufficient time for these to be completed. The extension does not require any additional work programme commitments.

[xxnjr]

Nothing really newsworthy, other than another large write down. Long term oil price assumption of $65 still seems high. CC details

8:30am UK time Wednesday 15 January:
Conference ID: 5346287
From the UK: 0844 481 9752
UK free phone: 0800 2796 619
Outside of the UK: +44 (0) 207 1928 338